Kyverna Therapeutics (NASDAQ:KYTX) Shares Up 8.7%

Kyverna Therapeutics, Inc. (NASDAQ:KYTX)’s share price was up 8.7% during mid-day trading on Thursday . The company traded as high as $13.85 and last traded at $13.76. Approximately 86,522 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 400,374 shares. The stock had previously closed at $12.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on KYTX shares. Morgan Stanley started coverage on shares of Kyverna Therapeutics in a report on Monday, March 4th. They issued an “overweight” rating and a $40.00 price target on the stock. SVB Leerink initiated coverage on shares of Kyverna Therapeutics in a research note on Monday, March 4th. They set an “outperform” rating and a $48.00 target price on the stock. Leerink Partnrs reaffirmed an “outperform” rating on shares of Kyverna Therapeutics in a research note on Monday, March 4th. Wells Fargo & Company initiated coverage on shares of Kyverna Therapeutics in a research note on Monday, March 4th. They set an “overweight” rating and a $44.00 target price on the stock. Finally, JPMorgan Chase & Co. initiated coverage on shares of Kyverna Therapeutics in a research note on Monday, March 4th. They set an “overweight” rating and a $39.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $42.75.

Kyverna Therapeutics Trading Up 15.3 %

The stock has a fifty day moving average price of $22.74.

Insiders Place Their Bets

In related news, major shareholder Northpond Ventures Iii Gp, Llc acquired 450,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was purchased at an average cost of $22.00 per share, with a total value of $9,900,000.00. Following the completion of the acquisition, the insider now directly owns 450,000 shares of the company’s stock, valued at $9,900,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Trading of Kyverna Therapeutics

A hedge fund recently bought a new stake in Kyverna Therapeutics stock. Jennison Associates LLC bought a new stake in shares of Kyverna Therapeutics, Inc. (NASDAQ:KYTX) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,398,659 shares of the company’s stock, valued at approximately $34,743,000. Jennison Associates LLC owned 3.24% of Kyverna Therapeutics at the end of the most recent quarter. Hedge funds and other institutional investors own 18.08% of the company’s stock.

About Kyverna Therapeutics

Kyverna Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing cell therapies for patients suffering from autoimmune diseases. Its lead product candidate is KYV-101, an autologous CD19 CAR T-cell product candidate for the treatment of patients with lupus nephritis and systemic sclerosis that is in Phase I clinical trial; and for myasthenia gravis and multiple sclerosis that is in Phase II clinical trial.